India’s November trade deficit narrows to $9.96 billion



India’s trade deficit in November fell 21.93% from a year ago to $9.96 billion, provisional trade data released by the government showed on Wednesday, as imports fell sharply compared to fall in exports.

“Exports during April-November 2020-21 were $173.49 billion, as compared to $211.17 billion during the same period last year, exhibiting a negative growth of 17.84 per cent,” a Ministry of Commerce and Industry statement said on the basis of preliminary data.

“In November 2020, the value of non-petroleum exports was $21.95 billion, registering a negative growth of 0.03 per cent over November 2019.”

However, the data showed that value of non-petroleum and non-gems and jewellery exports in November 2020 was $19.26 billion as compared to $19.37 billion in November 2019, registering a negative growth of 0.59 per cent.

“The cumulative value of non-petroleum and non-gems and jewellery exports in April-November 2020-21 was $144.04 billion, as compared to $157.09 billion for the corresponding period in 2019-20, exhibiting a decrease of 8.30 per cent,” the statement said.

Merchandise imports contracted 13.33% in November to $33.39 billion from a year ago while exports fell 9.07% to $23.43 billion, data released by the Ministry of Commerce and Industry showed.

“Merchandise imports during April-November 2020-21 were USD 215.67 billion, as compared to $324.59 billion during the same period last year, exhibiting a negative growth of 33.56 per cent,” the statement said.

Segment-wise, oil imports were down 43.36 per cent to $6.27 billion from $11.07 billion in November 2019.

“Non-oil imports in November 2020 were estimated at $27.12 billion, as compared to $27.45 billion in November 2019, showing a decline of 1.22 per cent.

“Non-oil, non-GJ (gold, silver and precious metals) imports were $22.25 billion in November 2020, recording a negative growth of 0.84 per cent, as compared to non-oil and non-GJ imports of $22.44 billion in November 2019.”

In addition, the data showed that India was a net importer in November 2020, with a trade deficit of $9.96 billion, as compared to trade deficit of $12.75 billion, improvement by 21.93 per cent.

(With agency inputs)

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